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Safaricom reduces M-Pesa transaction costs by up to 45%

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Safaricom PLC on Tuesday announced new M-Pesa tariff reductions.

According to Chief Executive Officer Peter Ndegwa, the telecommunication giants decided to reduce M-Pesa transaction costs by up to 45% due to the ongoing COVID-19 pandemic and economic circumstances.

The tariff reductions will affect more than 90 percent of all customer transactions when sending money.

It will now cost KSh6 to send between KSh101 and KSh500, down from KSh11. Transactions between KSh1,501 and KSh2,500 will cost KSh32 down from KSh41.

All transactions of KSh100 and below will remain free. In addition, all M-PESA customers will continue to enjoy free transactions between M-PESA and bank accounts.

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Safaricom says that the price cuts are permanent, effective 1st January 2021, “and will enable our more than 26.8 million customers to continue enjoying lower costs whenever they send money.”

“Our new, reduced tariffs will equally apply to transactions for micro-Businesses under our new Pochi La Biashara service, and for Lipa Na M-PESA businesses using the Transacting Till to make payments,” says Ndegwa.

A table showing the new M-PESA Tariffs.

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